Are Goldbacks Worth It?

Goldbacks are a voluntary alternative currency traded all over the United States. Unlike the traditional United States Dollar, each Goldback is minted using pure gold bullion. This makes Goldbacks one of the most interesting bullion products we sell. To some investors, they represent a glimpse into what the future of money could look like. But are Goldbacks worth it? 

The United States abandoned the Gold Standard in 1933, with the last remnants of the system abolished by Richard Nixon in 1971. But in parts of the U.S attempts to revive a form of gold-backed currency continue with the Goldback family of currencies. 

How Much is a Goldback Worth? 

Are Goldbacks worth it? Some gold stackers complain that the Goldback has higher premiums than most other gold products. This isn’t unreasonable. After all, 1 Goldback contains only 1/1000 oz of pure gold. If the current spot price of gold is $2,000, then that puts the melt value of a single Goldback note at $2. 

The current accepted 1 Goldback exchange rate is around $4. This is a considerable markup, so we understand why some stackers would be cautious about investing in this unique alternative currency. Are Goldbacks worth it, despite the markup? 

There’s a reason so many people have purchased Goldbacks. Companies all over the United States have started accepting Goldbacks for their goods and services. Are Goldbacks worth it? If you’re interested in actually using your Goldbacks, they can be a rewarding – and potentially profitable – investment. 

How to Use Goldbacks

Goldbacks might be valuable to investors for a reason other than their pure gold content. According to the creators of Goldbacks, some mints sell their gold notes for less than the going market rate. The beauty of the Goldback project is that they can actually be used to purchase goods and services from some businesses, especially those in Utah, Wyoming, New Hampshire, South Dakota, and Nevada. 

How do you actually use Goldbacks? To use Goldbacks to purchase actual goods and services, you’ll need to find a business that accepts them. The Goldback website has a convenient directory of businesses that accept Goldbacks. According to the site’s founders, consumers are encouraged to shop around for deals on Goldbacks. If you’re lucky, you might find Goldbacks going for less than the market rate – which means big savings when you spend this unique gold currency. 

Goldback Price Trends

Are Goldbacks worth it, or are they overpriced? We find that most people who buy Goldbacks are not doing it as a traditional gold investment. Goldbacks are a revolutionary form of alternative currency, and many collectors who buy Goldbacks believe that they represent a new way to do business. Are Goldbacks worth it? If you like beautiful collectibles with an actual use-case as currency, Goldbacks might be a great choice for you. 

Even if you don’t buy Goldbacks to use, their intricate designs make Goldbacks most definitely worth the money. Despite a lower percentage of pure gold bullion than some other gold products, Goldbacks make up for their decreased gold fineness with an impressive level of beauty. 

What Makes Goldbacks Valuable? 

Goldbacks are valuable both for their numismatic appeal and their usability. Are Goldbacks worth it as collectibles? For many investors, Goldbacks are well worth the money. Compared to gold coins and bars, Goldbacks are extremely cheap. In fact, you might be able to buy your first 1 Goldback gold note for less than five bucks. Talk about a bargain!

Trading Using Goldbacks 

Although some investors buy Goldbacks purely as collectable, numismatic investments, evidence suggests that many Goldbacks are purchased for actual circulation. You can use Goldbacks to purchase goods and services from businesses all over the country, but most businesses that accept Goldbacks are in the five states that have Goldback series. 

Final Thoughts: Are Goldbacks Worth It? 

Are Goldbacks worth the money? Just like with any other investment, the value of a Goldback depends on several factors. We think the Goldback designs are some of the most beautiful in all of the gold industry, and their usability makes them one of the only usable gold currencies on the planet. 

As the Goldback project continues to expand, we’re excited to offer a variety of Goldback gold notes to our customers. 

You might also be interested in: 

• What Are Goldbacks?
• Which States Accept Goldbacks?